The ideal scenario - the only way out for existing holders - seems to be
1 - let them take the 'assets' because that means with it the liabilities also;
2 - find a better way to recapitalise rather than give it away to Merchant for a pittance - ie, someone willing to stump up $1M or so to pay for survival, but not with 98% control;
3 - remove directors and a return to some open and transparent communication of material changes in circumstances as they become known (sorry, is that cynical or fact?);
4 - find a project with a hope of future profit and move on.
But that's the sunken cost fallacy at play. There's no resurrecting this situation now it seems, and not much point throwing new money in to save the old. Number 2 above ain't going to happen.
There are probably better shells out there. I haven't looked lately. This can't continue with the current focus and there are no other projects on the horizon.
other thoughts?
MNE Price at posting:
0.1¢ Sentiment: None Disclosure: Held
